Millenials buying experiences over gifts this holiday season

Millenials are spending differently than other generations this holiday, consulting firm PricewaterhouseCoopers reported in its 2015 holiday outlook. And they're feeling optimistic.

Shoppers aged 18 to 34 will put more than half of their holiday spending toward experiences this year, compared to shoppers over 34, who said that 39 percent of what they spend this season will go to entertainment and travel. Older shoppers will spend 61 percent of their budget on gifts.

"That's one of the biggest changes in the retail business in how money is being spent," said Howard Davidowitz, chairman of Davidowitz & Associations, a national retail consulting and investment banking firm in New York City.

They also like online and mobile shopping. Millenials will visit stores for the experience - and more stores are trying to offer just that - but they place less emphasis on the transaction. They don't mind ordering something they see in the store rather than walking away with it, as long as it arrives within a few days, PwC wrote.

More so, they are spending their time and money doing things like going out to dinner, Davidowitz said.

About 47 percent of millenials said they'll spend more this season than last year, PwC reported, compared to 25 percent of older shoppers. However, their budgets remain smaller overall. PwC predicts millenials will spend $63 billion this season, and they'll start earlier than other shoppers.

Those who call it the "me" generation can point to one prediction: PwC said that compared to older shoppers who will spend about 15 percent of their holiday budget on themselves, nearly a quarter of millenials' spending will go to self-gifting.